Introduction to Business Law

What is the primary purpose of business law?

• To regulate personal relationships

• To govern commercial transactions

• To enforce moral values

• To establish political policies

Which type of business law deals with the legal rights and relationships of individuals and businesses engaged in commerce?

• Criminal Law

• Tort Law

• Syariah Law

• Contract Law

In a partnership, how are profits and losses typically shared among partners?

• According to the amount invested

• Based on seniority

• Randomly

• Equally

What is a fundamental characteristic of a sole proprietorship?

• Limited liability

• Separate legal entity

• Single ownership

• Shared ownership

Business law regulates the legal rights and relationships of individuals and businesses engaged in______________.

In a partnership, profits and losses are typically shared ____________ among partners.

A sole proprietorship is characterized by ____________ ownership.

The primary purpose of the Statute of Frauds in contract law is to prevent fraud and enforce certain contracts in ____________.

What is the first step in the formation of a valid contract?

In business law, what does the term "tort" refer to?